RS Investment Management Co. LLC boosted its position in Comerica Incorporated (NYSE:CMA) by 13.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 881,365 shares of the financial services provider’s stock after buying an additional 104,950 shares during the period. RS Investment Management Co. LLC’s holdings in Comerica were worth $36,251,000 at the end of the most recent quarter.
Other large investors have also recently added to or reduced their stakes in the company. Chevy Chase Trust Holdings Inc. boosted its stake in Comerica by 3.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 148,722 shares of the financial services provider’s stock worth $5,632,000 after buying an additional 4,776 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in Comerica by 7.6% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 41,225 shares of the financial services provider’s stock worth $1,561,000 after buying an additional 2,902 shares during the last quarter. Exxonmobil Investment Management Inc. TX boosted its stake in Comerica by 7.5% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 42,579 shares of the financial services provider’s stock worth $1,612,000 after buying an additional 2,965 shares during the last quarter. Glenmede Trust Co. NA boosted its stake in Comerica by 2,289.0% in the first quarter. Glenmede Trust Co. NA now owns 17,392 shares of the financial services provider’s stock worth $658,000 after buying an additional 16,664 shares during the last quarter. Finally, Telemus Capital LLC purchased a new stake in Comerica during the first quarter worth approximately $322,000. Institutional investors own 84.62% of the company’s stock.
Shares of Comerica Incorporated (NYSE:CMA) traded up 0.49% during midday trading on Thursday, hitting $46.74. The stock had a trading volume of 990,645 shares. Comerica Incorporated has a one year low of $30.48 and a one year high of $47.70. The stock has a market cap of $8.13 billion, a PE ratio of 20.30 and a beta of 1.36. The firm has a 50 day moving average price of $46.26 and a 200 day moving average price of $43.11.
Comerica (NYSE:CMA) last released its quarterly earnings results on Tuesday, July 19th. The financial services provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by $0.11. Comerica had a return on equity of 6.03% and a net margin of 14.69%. On average, equities analysts forecast that Comerica Incorporated will post $2.43 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Saturday, October 1st. Investors of record on Thursday, September 15th will be issued a dividend of $0.23 per share. This represents a $0.92 dividend on an annualized basis and a yield of 1.97%. This is a boost from Comerica’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Tuesday, September 13th. Comerica’s dividend payout ratio (DPR) is 38.82%.
CMA has been the subject of a number of research analyst reports. Zacks Investment Research lowered shares of Comerica from a “hold” rating to a “sell” rating in a report on Tuesday, June 21st. Bank of America Corp. lowered shares of Comerica from a “neutral” rating to an “underperform” rating and increased their price objective for the company from $30.48 to $36.00 in a report on Wednesday, June 29th. Goldman Sachs Group Inc. raised shares of Comerica from a “neutral” rating to a “buy” rating and set a $52.00 price objective for the company in a report on Friday, September 16th. Credit Agricole SA increased their price objective on shares of Comerica from $50.00 to $53.00 and gave the company an “outperform” rating in a report on Tuesday, September 6th. Finally, Barclays PLC reaffirmed a “sell” rating on shares of Comerica in a report on Saturday, July 9th. Two investment analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and ten have given a buy rating to the company. Comerica presently has an average rating of “Hold” and a consensus target price of $44.54.
In related news, insider Paul R. Obermeyer sold 2,302 shares of the firm’s stock in a transaction dated Thursday, August 25th. The stock was sold at an average price of $45.92, for a total transaction of $105,707.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.60% of the company’s stock.
Comerica Company Profile
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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